Market Overview 02-09-2026 to 08-09-2026

September 8, 2026

Market Overview 02-09-2026 to 08-09-2026

Precious Metals Market – in a Wait-and-See Mood?

Last week, the major precious metals markets recorded highly varied price movements. The uneven results were driven by both prevailing concerns over expected central bank interest rate hikes and the geopolitical crisis in the Middle East. Despite the tense situation, market sentiment is being partly stabilised by strong central bank interest in gold.

Between September 2 and September 8, the global gold price experienced minimal growth; on September 8, the gold price reached USD 4,400 per troy ounce.

Reduced investor interest in gold is partly driven by the changing monetary policies of central banks. As the US-Iran war in the Middle East continues, a significant increase in oil prices is being recorded. The latter factor contributes to higher inflation and a growing likelihood that central banks will increasingly opt for a policy of raising interest rates.

It is likely that as early as this Thursday, the European Central Bank will raise its key interest rates for the second time this year. Interest rate hikes are also increasingly expected from Australia, Japan and other central banks. Considering global economic trends, geopolitical conflicts and strong US labour market data for August (162,000 new jobs were created), the probability that the US Federal Reserve will raise interest rates as early as mid-September has recently reached as much as 59%.

Higher Fed interest rates would make precious metals denominated in US dollars (gold, silver, etc.) a less attractive investment for holders of foreign currencies. On the other hand, strong central bank interest in gold has recently helped prevent larger declines in its price.

China’s central bank increased its gold holdings in August for the 22nd consecutive month. The country’s gold reserves were increased by 650,000 troy ounces. The latest increase in gold holdings is a record one. The last time the People’s Bank of China increased its gold reserves at such a pace was back in 2023.

Other countries are also increasing their gold reserves more actively. In the second quarter of this year, the combined gold reserves of central banks worldwide increased by as much as 289 tonnes. During this period, not only China but also Poland stood out for record gold purchases. The country’s central bank added as much as 51 tonnes to its gold reserves in the second quarter of 2026.

Between September 2 and September 8, the global silver price rose by more than 1.1% and reached USD 66.07 per troy ounce.

The crisis in the Middle East is contributing significantly to investor interest in silver. As active military action between the US and Iran continues, not only are oil prices rising, but significant shipping disruptions are also being observed in the Strait of Hormuz. Before the start of the war, an average of 130 commercial vessels passed through the strait each day. Recently, this average has fallen to around 10 vessels per day.

Rising oil prices and disruptions in the Strait of Hormuz are increasing uncertainty in global markets and may contribute to more active silver purchases. The metal is widely used not only as an investment instrument but also as an important industrial raw material in electronics and electrical engineering, the automotive industry, and renewable energy (solar cells).

The global palladium price rose by approximately 2.9% between September 2 and September 8 and reached USD 1,390 per troy ounce.

Over the same period, the global platinum price increased by more than 4.2% and reached USD 1,836 per troy ounce.

The global copper price rose by more than 2.9% between September 2 and September 8 and reached USD 14,665 per tonne.